Modifications in Silver Market

2008.4.17

The Board of Directors decided at the meeting held yesterday (April 16th, 2008) to implement modifications on and after May 1st, 2008, including the below two modifications.

1) The position limit applicable to customers, which used to apply to all customers, will now differ between commercials and non-commercials, as shown below, with a position limit for commercials five times greater than the previous one.

CUSTOMERS

COMMERCIALS

NON-COMMERCIALS

Current Rule

All contract months combined: 6,000 contracts

New Rule

Current contract month: 3,000 contracts
Total: 30,000 contracts

Current contract month: 1,500 contracts
Total: 6,000 contracts

2) The position limit applicable to members, which used to be determined based on the amount of net worth and would expand gradually, will now be set at the same level for all members at a total amount three times greater than the previous maximum total position limit.